Retirement plan

VERNIS & BOWLING 401(K) PLAN

Name: VERNIS & BOWLING OF MIAMI, P.A. - VERNIS & BOWLING 401(K) PLAN (2023) Form 5500
Creator: VERNIS & BOWLING OF MIAMI, P.A.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, VERNIS & BOWLING 401(K) PLAN, VERNIS & BOWLING OF MIAMI, P.A.

VERNIS & BOWLING OF MIAMI, P.A.EIN 65-0299372Plan #001PY 2023

1680 N.E. 135TH STREET - MIAMI, FL 33181305-895-3035vernisandbowling.comLinkedIn201-500 employees

Prospect flagsLow assets / participantLow employer contributionFailed to transmit contributions

How to read this page

Total assets (EOY)

$20.2M

+22.7% from 2022

Total participants

670

+3.6% from 2022

Average account balance

$31,254

+15.0% from 2022

Annual return

18.49%

+33.66 pp from 2022

Benchmarks

See 3,230 peers

Peer group

Industry54 - Professional, Scientific, and Technical Services

Plan typeDefined contribution

Participants250-999

Cohort3,230 peers

Snapshot2023

Free accounts unlock saves, downloads, and 3-year history.

Analytics

Total assets (EOY)

Plan-year ending balance

$21.96M

Not enough data

1 years with asset history on file

Average account balance

Total assets / participants with a balance (line 6g)

$47K

Not enough data

1 years with per-participant data

Participants with account balance

Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.

468

Not enough data

1 years with headcount on file

Eligible Participants and Participation

Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.

92.5%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.60M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$5K

Not enough data

1 years with per-participant contribution data

Asset flow

BOY + contributions + return - distributions = EOY

Year

Annual return

Diverging bars; negative years highlighted

+14.52%

Not enough data

1 years with return on file

Admin fee / account holder

Total admin expenses / participants with a balance (line 6g)

$228

Not enough data

1 years with admin cost on file

Asset composition

Cash / stocks / bonds / mutual funds / real estate / loans over time

Not enough data

1 years with F_SCH_H allocation on file

Free accounts unlock saves, downloads, and 3-year history.

Service providers

Top 7 by compensation

Provider	Service type	Compensation
GREAT-WEST LIFE & ANNUITY INSURANCE1 year Filed as: EMPOWER ANNUITY INS. CO. OF AMERICA Service code 64 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$73,735
AMERIPRISE FINANCIAL SERVICES INC1 year Filed as: AMERIPRISE FINANCIAL SERVICES, LLC Service code 55 70100 AMERIPRISE FINANCIAL CENTER · MINNEAPOLIS, MN 55474	Other Commissions	$29,837
UBS FINANCIAL SERVICES INC6 years Filed as: UBS FINANCIAL SERVICES, INC. Service code 27 315 DEADERICK ST. · NASHVILLE, TN 37238	Advisory (Plan)	$12,646
GREAT-WEST LIFE & ANNUITY INSURANCE1 year Filed as: EMPOWER ADVISORY GROUP, LLC Service code 28 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Investment Management	$11,253
PENSION SERVICES, INC.5 years Filed as: PENSION SERVICES INC. Service code 13	Contract Administrator	$10,000
PENSION SERVICES, INC.9+ years Service code 13 3150 SW 38TH AVE · MIAMI, FL 33146	Contract Administrator	$3,300
AMERIPRISE FINANCIAL SERVICES INC1 year Filed as: AMERIPRISE FI INC DBA COLUMBIA MGMT Service code 27 1163 AMERIPRISE FINANCIAL CENTER · MINNEAPOLIS, MN 55474	Advisory (Plan)	$0

Plan features & details

Pension benefit codes2E2J2K2F2G3D3H

Plan features

2E
Profit-sharing
Profit-sharing plan.
2F
ERISA section 404(c) plan
This plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
2G
Total participant-directed account plan
Participants have the opportunity to direct the investment of all of the assets allocated to their individual accounts regardless of whether 29 CFR 2550.404c-1 is intended to be met.
2J
Code section 401(k) feature
Cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan under which employees may elect to defer part of their compensation or receive these amounts in cash.
2K
Code section 401(m) arrangement
Employee contributions are allocated to separate accounts under the plan or employer contributions are based in whole or in part on employee deferrals or contributions to the plan. Not applicable to 401(k) plans with only QNECs and/or QMACs or to 403(b)(1) 403(b)(7) or 408 arrangements.
3D
Pre-approved pension plan
A master prototype or volume submitter plan that is the subject of a favorable opinion or advisory letter from the IRS.
3H
Controlled group member
Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).

Opportunity flags

3 tripped

OpportunityLow employer contribution
Employer contribution per participant is in the bottom quintile of the peer cohort.
OpportunityLow assets / participant
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.
ComplianceFailed to transmit contributions
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).

Expense breakdown

Schedule H Part II

Admin total

$100K

$332 / participant

Recordkeeping$100K100.0%

% of EOY assets

0.494%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: VERDEJA & ALVAREZ, LLP
Auditor EIN: 204989621
Audit fees: $0
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$31,254

$95,438-67.3%

$135,982-77.0%

$74,473-58.0%

Participation rate

92.4%

78.2%+14.1pp

81.9%+10.4pp

70.7%+21.6pp

Annual return

18.49%

32.61%-14.1pp

68.32%-49.8pp

34.36%-15.9pp

Employer contribution / active EE

$619

$3,878-84.0%

$4,859-87.3%

$2,638-76.5%

Participant deferral / active EE

$4,929

$7,790-36.7%

$7,760-36.5%

$4,530+8.8%

Admin fee / account holder

$154

$259-40.3%

$10,767-98.6%

$347-55.5%

Provider

Service type

Compensation

GREAT-WEST LIFE & ANNUITY INSURANCE1 year

Filed as: EMPOWER ANNUITY INS. CO. OF AMERICA

Service code 64

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$73,735

AMERIPRISE FINANCIAL SERVICES INC1 year

Filed as: AMERIPRISE FINANCIAL SERVICES, LLC

Service code 55

70100 AMERIPRISE FINANCIAL CENTER · MINNEAPOLIS, MN 55474

Other Commissions

$29,837

UBS FINANCIAL SERVICES INC6 years

Filed as: UBS FINANCIAL SERVICES, INC.

Service code 27

315 DEADERICK ST. · NASHVILLE, TN 37238

Advisory (Plan)

$12,646

GREAT-WEST LIFE & ANNUITY INSURANCE1 year

Filed as: EMPOWER ADVISORY GROUP, LLC

Service code 28

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Investment Management

$11,253

PENSION SERVICES, INC.5 years

Filed as: PENSION SERVICES INC.

Service code 13

Contract Administrator

$10,000

PENSION SERVICES, INC.9+ years

Service code 13

3150 SW 38TH AVE · MIAMI, FL 33146

Contract Administrator

$3,300

AMERIPRISE FINANCIAL SERVICES INC1 year

Filed as: AMERIPRISE FI INC DBA COLUMBIA MGMT

Service code 27

1163 AMERIPRISE FINANCIAL CENTER · MINNEAPOLIS, MN 55474

Advisory (Plan)

VERNIS & BOWLING 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

VERNIS & BOWLING 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion